Originally published by Chamber of Merchants
"The Patron" is a series by Chamber of Merchants that follows a beginner investor trying to turn $10,000 in to $20,000 in less than a year. Click here to read The Patron's first post.
Many times I have been offered a membership or even a new product, with a month free trial period. Many times I said “No thanks” and “Not bothered” when pushed to try a membership or product. I felt there was no real gain for me…Until now!
Greetings to all readers and may this year be a fruitful one for those who are prepared to take the risk! I am feeling very positive, which may be a side effect of having recently gone on a cruise ship around New Zealand for my belated honeymoon. I had low expectations for New Zealand’s weather, however it was fantastic. I highly recommend the experience to those looking for a holiday, as it was relaxing and required little effort.
The other reason for my positivity is the three-month trial period is over.
For those of you unfamiliar with my story, I entered into the ASX three months ago after having discussed our retirement plan with my lovely wife. I had no previous trading experience and very little knowledge on the topic.
My wife and I were receiving 2% interest from the bank and even less growth on our superannuation fund, which we may never see…it was time to take action. My wife and I agreed that entering into the ASX would be a good idea, provided I could show 7% growth within three months.
I can now confirm we have made over 12% in the first three months! SUCCESS!!
“…SUCCESS!!”
I entered the ASX mid October with an amount of $9,999…the reason for not transferring $10,000, was due to me being misinformed of a transfer limit at my bank. I found this to be false and during December last year, when gold was sitting low, I transferred a further $16,000 to increase my portfolio (I’m thankful for this). Now I was able to work with $26,000 and spread it through five different mining companies in the precious metal sector. Since December, until today my portfolio has had excellent results with most of the mining companies giving good returns, except for one or two that seem to be lagging behind. I tried to avoid some risk by spreading the $26,000 evenly across the 5 companies. I will concede that my portfolio was not diverse in industry, and that I was heavily weighted in precious metals, but as you can now see…I was expecting the price of gold to rally somewhat.
The past three months has been educational, emotional and beneficial in more ways than one. Having the opportunity to share my journey with other investors and readers has helped me to reflect and hold myself accountable.
If there is one lesson that I may share, which I believe to be the most challenging, it is this…The largest obstacle standing in my way, is myself. No one else is in control of my account, it is only me, and I am responsible for every decision I make.
When I overcome myself and all that lurks beneath me I shall have gained more than wealth…I shall gain control and with that the ability to change .
I look forward to the year ahead with all it’s challenges and obstacles as it offers opportunity to grow, and we must first change in order to grow.
Yours Faithfully,
The Patron.